The Asian Development Bank has said it will invest another $1 billion in renewable energy projects and private equity funds devoted to cleantech around the region. The ADB has been a strong backer of clean energy in recent years, investing over $10 billion in the sector.
This latest investment comes after the ADB said it would deploy $1 billion of capital for renewables in the Philippines.
The bank announced earlier this summer that it would invest $2 billion per year in order to provide support for countries that need access to more energy. With ADB’s help, a good chunk of that energy will come from renewable resources.
Developing countries in Asia are representative of the unique energy challenge. Many countries like China, India and the Philippines are hungry for more energy. Although those countries support clean energy, they are also consuming massive amounts of fossil energies as they expand and become more powerful. And while many of these nations see it as their right to grow like developed countries before them, some are also more vulnerable to the impact of climate change – potentially hindering their ability to grow.
The key, according to the Asian Development Bank, is to help these countries realize their aspirations in the cleanest, most sustainable way possible.
Below, ADB’s Sohail Hasnie talks about why solving the issue of climate change is not an option for Asia or the rest of the world.
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